RAKBANK has become the first conventional bank in the UAE to offer crypto trading services for retail customers, launching a fully regulated crypto brokerage platform via its mobile app, via its group´s Dubai Virtual Assets Regulatory Authority (VARA) regulated entity Bitpanda Broker MENA DMCC.
What’s New
The National Bank of Ras Al Khaimah (RAKBANK), one of the UAE’s oldest government-owned banks, has officially launched a crypto brokerage service through its mobile banking app.
RAKBANK’s mobile banking app lets customers go directly to Bitpanda’s crypto trading platform to purchase, sell, and trade cryptocurrencies. Transactions will be done in AED, which means there will be no costs for transferring foreign cash or losses in FX. All transactions happen right from the customer’s RAKBANK current or savings account. This means that they don’t have to go through long and complicated steps to move money in and out of crypto exchanges.
Partnership with Bitpanda
The launch is made possible through a partnership with Bitpanda Broker MENA DMCC. Bitpanda is one of Europe’s most established digital asset infrastructure providers, licensed in multiple jurisdictions and trusted by major institutions such as Deutsche Bank, Raiffeisen Bank, and N26. “Together, we’re showing how crypto can be offered in a safe, regulated, and simple way directly from a major conventional bank that customers already trust,” added Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda.
Why this Matters
RAKBANK is setting a new standard in the UAE banking industry by becoming the first traditional bank to allow retail clients to trade cryptocurrencies. The timing fits with the UAE’s Vision 2031 plan to make the country a global hub for digital banking and virtual assets.
The UAE market is also slowly allowing more coins and businesses to get crypto licenses. This shows that worldwide crypto acceptance is gaining speed. In February 2023, Ras Al Khaimah (RAK), one of the seven emirates, said he will create up a free-trade zone just for digital assets. These free zones let companies own 100% of their business, get tax breaks, and have rules that are easy to change.
These changes all point to a big change in the region’s financial scene, where new ideas, traditional banks, and new technologies are starting to come together.
What’s Next?
RAKBANK has stated that the crypto trading feature is currently available by invitation only, with a broader rollout expected in the coming months. The move could pave the way for additional crypto services such as staking, tokenized securities, or digital wealth products within traditional banking apps.
As the regulatory scene matures and consumer interest continues to grow, RAKBANK’s strategic entry into crypto positions it to become a key player in bridging conventional finance with the digital economy.
Also Read: US Regulators Approve Bank Crypto Custody With Heavy Strings
